Department of Revenue publishes Tax Increment Financing annual report

PIERRE, S.D., -- The South Dakota Department of Revenue’s inaugural Tax Increment Financing (TIF) annual report is now available online.

TIFs are a tool used by municipalities and counties to redevelop areas or grow a local economy by offsetting the cost of public infrastructure improvements. TIFs can be useful in attracting private investments and businesses, which translate into more jobs and a growing tax base.

While TIFs have existed in South Dakota for four decades, the 2017 annual report is the first comprehensive report of all TIF districts in the state.

The report contains the classifications for TIF districts as authorized by state law, a TIF district summary and a breakdown of each of the 141 active TIF districts throughout South Dakota.